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First Time India’s Auto Industry Records A Trade Surplus Of $ 600 Million » Bhajpa Ki Baat

First Time India’s Auto Industry Records A Trade Surplus Of $ 600 Million » Kamal Sandesh

Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal said that India’s merchandise exports have reached almost USD 390 billion as of March 14th and will certainly cross USD 400 billion in the current fiscal.

He was addressing the Atmanirbhar Excellence Awards and 7th Technology Summit 2022,on March 17 organized by the Automotive Component Manufacturers Association (ACMA) in New Delhi. He added that India’s auto components industry had, for the first time, recorded a trade surplus of USD 600 million.
It may be noted that India’s Automotive Industry is worth more that USD 100 billion and contributes 8% of country’s total export and accounts for 2.3% of India’s GDP and is set to become the 3rd largest in the world by 2025.

The Minister appreciated the resilient auto industry players who adapted and evolved to keep the industry going despite the five Cs, – challenges of COVID-19, container shortages, chip shortages, commodity prices and conflict.

Shri Goyal said the government was sensitive to auto sector’s concerns related to chips shortage. The recently approved Semicon India Programme with a budget of 76,000 Crores would help reduce import dependence and eventually help us become Atmanirbhar in the arena of chips, he said. He added that the nimble Government and agile Industry working together collectively could capture markets across the world.

Highlighting India’s capabilities in the field of auto components manufacturing, the Minister asked automakers to make greater use of Indian made components. Stating that the Government held back stringent norms regarding import substitution due to Covid-19 and industry assurances on securing equal market access, the Minister urged automakers to buy local and substitute imports.

(News Source -Except for the headline, this story has not been edited by Bhajpa Ki Baat staff and is published from a Bhajpa Ki Baat feed.)

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